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CITY OF CASSELBERRY <br />POLICE OFFICERS' AND FIREFIGHTERS' PENSION BOARD OF TRUSTEES <br />The Police Officers' and Firefighters' Pension Board of Trustees met on Tuesday, November 17, <br />2009 at 10:05 a.m. in the Casselberry City Hall Commission Chambers, 95 Triplet Lake Drive, <br />Casselberry, Florida, 32707. <br />TRUSTEE MEMBERS PRESENT: <br />John J. Pavlis, Chairman <br />Sgt. William R. Nas, Vice Chairman <br />Fire Inspector William Jensen, Secretary <br />Daniel C. Glancy, Member <br />Harold Stewart, Member <br />STAFF/OTHERS PRESENT: <br />Sue Maddox, Records Management Liaison Officer <br />Randy Newlon, Finance Director <br />Scott Christiansen, Board Attorney <br />Brian Bakordijiev, The Bogdahn Group <br />1. Call to Order with Pledge of Allegiance <br />The November 17, 2009 meeting of the Police Officers' and Firefighters' Pension Board was <br />called to order with the Pledge of Allegiance by the Chairman at 10:05 a.m. in the City Hall <br />Commission Chambers. The Agenda had been duly posted and circulated to the Board Members <br />by the Records Management Liaison Officer for the Board. <br />2. Introduction of Members and Guests <br />The Pension Board Members, Staff and guests were introduced. <br />3. Approval of Minutes — August 18, 2009 <br />MOTION: Moved by Harold Steward to approve the minutes of the August 18, 2009 <br />meeting as presented. Motion was seconded by Daniel Glancy and carried <br />unanimously on a 5 — 0 voice vote. <br />4. Acceptance of the Financial Reports <br />The Financial Reports from Manning and Napier, Galliard Capital Management and Salem Trust <br />were accepted by the board. Copies of the reports as submitted are available for inspection with <br />the Records Management Liaison Officer. <br />5. Presentation by Carrie Callahan — Galliard Capital Management <br />Carrie Callahan of Galliard Capital Management (the fixed income manager for the pension plan) <br />presented an update for the portfolio and what to expect going forward. Galliard has been able to <br />achieve a good market position and broad durations in the sectors managed to defend against the <br />volatility in the market. Through September 30, 2009 the portfolio is up 12.87% year to date <br />versus 4.92% in the intermediate government credit or 5.90% intermediate aggregate. Much <br />value has been regained and the trend continued in the month of October, 2009 where year to date <br />